APN achieves significant turnaround

Company News

by Lee Brooks

APN News and Media Limited (ASX:APN) says its turnaround plan is working with stable revenue of $129.1 million and a 7 per cent jump in EBITDA to $35.9 million in its first half results.

The company has managed to extricate itself from New Zealand Media Entertainment and a planned divestment of Australian Regional Media with the two divisions presented as discontinued operations.

APN also reached a settlement with the New Zealand tax office over its affairs with NZME.

The turnaround strategy continues and APN says an interim dividend will not be paid.

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